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PRESENTED WITH THE COMPLIMENTS OF 



Capital, $2,000,000 Surplus, $700,000 Deposits, $18,000,000 

A CONSERVATIVE RESERVE DEPOSITORY FOR BANKERS 



THE NATIONAL BANK 



OF THE 

REPUBLIC 



CHICAGO 



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1611 



CH, PRESIDENT W. T. FENTON, VICE-PRESIDENT R. M. McKINNEY, CASHIER 

MPTON, Asst. Cashier C. H. SWAN, Asst. Cashier THOS, JANSEN, Asst. Cashier 



^ 



\ 



DEPOSITOR'S 

HAND BOOK 



WITH 



HINTS ON BANKING 

and Opinions of Courts on Important 
and Every-day Transactions 



USEFUL BUSINESS FORMS AND TABLES 



INDEX OF SUBJECTS 



Page 

Acceptance, Laws of 9 

Agents, Laws of 14 

Alteration of Instruments 15 

Business Forms 18 

Court Decisions 20 

Grace and Statutes of Limitation 35 

Hints on Banking 3 

Interest in Different States 34 

Interest Laws 13 



Page 

Interest, Short Rules for Calculation. ... 17 

Introduction 3 

Largest Cities in the United States 40 

Money Orders 38 

Postal Distances and Time from New York 

City 37 

Rates of Postage 38 

Value of Foreign Coins 36 



J. L. WARING, Bank Agent 

1416 ¥ ST., N. W., WASHINGTON, D. C. 

Acts as Agent for Banks, under the Bank Act. 

No Charge for Securing Experienced Bank Officers. 

Information of all kinds cheerfully furnished and papers followed up 
through Comptroller's Office and Government Departments. 

Bank officers and clerks would consult their interests for securing better 

positions by writing - for information. All matters confidential. 

Where replies are expected, please inclose postage. 



PRICE, 50 CENTS 

Copyright, 1905, by J. L. WARING 






DNaRESsI 

Copies deceive 



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INTRODUCTION. 



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^ || ^ HIS BOOK is presented with the hope that it may be of 

some service to our patrons, and that those who keep no 

bank account may find some suggestion whereby they 

may be induced to become bank customers. 

All can rest assured that they will find every courtesy, 

whether a large or small depositor. 

The officers of the institution will aim to be a help, prom- 
ising such attention and accommodation as may be consistent 
with sound banking, The true bank officer occupies the same 
relation to a patron as the physician to his patient. Any finan- 
cial affairs of the customer will be held in the strictest confi- 
dence and sacredly kept by the banker and not go outside of the 
bank's consultation room. 

Do not hesitate to come. If anything is not understood, 
pains will be taken by each officer of the bank to explain, so 
that each one may feel at ease and at home with the bank. 

Business is conducted in a conservative, liberal, clean manner, 
doing equal justice to all. 

HINTS ON BANKING. 

Bank Defined. 

A bank is organized under certain laws, national or state, or 
by private individuals, and authorized to receive money, make 
loans, discount paper, buy and sell exchange, make collections 
and facilitate money transactions. 

A national bank receives its authority from the government, 
state banks and trust companies from the states where incor- 
porated, and private banks are generally a co-partnership. 

The Trust Company is a bank and much more. It loans 
money on real estate and collateral, but its loans are generally 
for short periods. It acts as agent, manages estates, collects 
and invests money, and, in fact, acts in any capacity of trust for 
corporations or individuals. 

Powers of a Bank. 

It may buy notes or checks drawn upon another bank. 
Whether the check is payable to order or bearer is immaterial. 

In the compromise of a claim, growing out of a legitimate 
business, may take railroad stock, and, when necessary, may 
pay the difference between the value of the stock and the 
amount of the claim. 

It may receive a deposit to be held as security for the per- 
formance of a contract. 



6 HINTS ON BANKING. 

that purpose, and filed for future reference. In giving your 
signature be sure .to write it just as you intend to sign checks, 
and follow that always ; never change your signature unless 
you notify the bank of the change. 

You may then be introduced to the paying teller, and per- 
haps to a bookkeeper, so that you may know all with whom you 
will have dealings. The next time you go to the bank don't 
feel offended if you are not recognized. Remember, these 
officers meet hundreds of strangers, and it is hard for them to 
place each one at first. They will learn to know and appre- 
ciate you. Say to any one you approach, " You may not re- 
member me ; I am ." 

How to Withdraw Money. 

This is done by means of a check, which is simply an order 
on demand, drawn on the bank, directing the payment of a 
certain sum of money to yourself or a certain person named in 
the instrument ; or, if the person to whom you give a check does 
not wish to be troubled with an identification, you can draw the 
check payable to bearer. In drawing checks make a rule to 
write the amount close to the left side of the check, and always 
draw a heavy line after it. This is to prevent any one from 
adding any other amount before or after the sum named. 

In writing a check it could not be considered discourteous if 
you leave out titles, as it is no part of a person's legal name. 
However, if the name is a common one and liable to be taken 
for some one else, it would be well to give the person's title or 
occupation. 

Be sure to sign as your signature was given. Ladies often 
give their own names in one case, and their husbands' in an- 
other. Don't make your signature Lottie Brown, and then 
draw a check and sign Mrs. William Brown. This may cause 
your check to be refused and cause inconvenience and hard 
feelings. 

Form of Check. 

No. 125. Washington, D. C, Jan'y 2, 1905. 

Security National Bank 
Pay to the order of James Smith $100. 

One hundred Dollars. 

Wiujam Johnson. 

Check executed and dated before the death of the maker or 
previous to the dissolution of a co-partnership, but not issued 
until afterward, will not bind the maker. 

Check on a bank should be presented for payment or for- 
warded for collection direct to the place where the bank is 
located not later than the next business day after receipt. 



HINTS ON BANKING. 7 

Check is non-negotiable if it expresses on the face that bank 
book must accompany it. 

Check payable through a clearing house is non-negotiable. 

Checks received from a customer on another bank for the 
special purpose of collecting carries no obligation to the bank 
to owe the amount until collected. 

Checks handed to banks for collection or for credit, and 
placed on the depositor's pass book, may be returned and the 
credit canceled if the check is not paid. 

A check operates as an equitable assignment pro tanto, from 
the time it is drawn and delivered, as between the maker and 
holder. 

A general assignment for the benefit of creditors 'does not 
defeat the holder of a check, although the checks be not pre- 
sented for payment until after such assignment. 

Where a bank fails .to pay a check through error, and then 
discovers the error and pays five days later, the depositor can 
only recover nominal damages against a bank. 

A tender of checks payable after such a date is not a tender 
of money. 

A check dated on Sunday is valid if it was not delivered on 
that day. 

A stipulation on a check that it will not be paid to certain 
parties is valid. 

Bank checks are due on presentation and not entitled to 
grace. 

Certified Checks. 

A certified check is a transfer of funds from your account to 
that of the holder of the check, and which the bank agrees to 
pay when presented, if in proper form. 

Bear in mind that this form of check is charged to your ac- 
count at once, although it may not be presented for payment 
for a considerable time. It becomes the obligation of the bank, 
and is considered good until paid. If for any reason you want 
to change the check or not use it, have it cashed or re-deposit 
to your account. Never destroy one, as the bank can not give 
you credit or pay it unless you give them a bond for the same. 

Make a rule to never draw a check for transmission through 
the mails, except payable to order. If lost payment can easily 
be stopped and a duplicate issued. 

The certification of a check by a bank is, in effect, merely an 
acceptance, and creates no trust in favor of the holder, and 
gives no lien on any particular portion of the assets of a bank. 

A certified check has a distinctive character as a species of 
commercial paper, the certification constituting a new contract 
between the holder and the certifying bank. 



8 HINTS ON BANKING. 

The acceptance and certification of a bank check does not 
guarantee the signature of the indorsers to be genuine. 

'The acceptance of a check by a bank in certifying it would 
only bind the bank for the original amount if raised previously. 

Overdrafts. 

It sometimes happens that a person, by mistake or some mis- 
take on the part of the bank, will draw for more money than 
on deposit. Don't be fretted if you receive notice that your 
account is in such a condition, but go at once to the bank with 
your book, and see where the trouble is. Overdrafts do not 
look well in a bank statement, and whilst they might be will- 
ing to loan you hundreds of dollars thoy don't like to pay 
checks for a few dollars more than at your credit. In one case 
it will be a small matter, but in a large number it gives con- 
siderable trouble. If for any reason you are disappointed in 
receiving money expected, go to the cashier and tell him, and 
ask him if he will pay your check for a given amount. Make a 
rule not to draw for money until in hand. The unexpected 
will generally happen, and may cause your credit damage. 

Drafts. 

The term draft is generally applied to an order drawn at sight 
or at a future time, and is usually for a sum of money that has 
matured, but not necessarily so, it may be for a sum yet to 
become due, the difference between a check and draft, the 
former need not be protested to bind the maker, whilst the 
latter must be protested to bind the maker. 

When a draft has been accepted, the one who accepts be- 
comes the principal debtor, and the maker's liability is that of 
indorser. 

Drafts afford a very convenient form of transferring funds 
from one point to another. 

Form of Draft. 

$100 Washington, D. €., July 31, 1905. 

At sight (or so many days or months after date 
or acceptance) . 

Pay to the order of John Brown 
One hundred Dollars. 

Value received, and charge the same to account of 
To John Doe, Thomas Jones. 

Boston, Mass. 

Drafts should be deposited for collection, to be credited when 
advised of payment. Banks generally object to treating them 
as cash. It causes the bank extra work. 



HINTS ON BANKING. 9 

The treasurer of a municipal corporation cannot bind it by 
the acceptance of an order drawn on the treasury. 

Drafts glrawn on party in one town or city must accept pay- 
able in that town or city. An acceptance elsewhere releases 
drawer and indorsers. 

Acceptance must be unqualified. Drawer of draft released 
for the reason that it is allowed to be accepted " when funds in 
hand." 

Drafts drawn on " A, agent," and accepted by " A, agent," 
binds A individually. 

Draft drawn papable at a certain date or a certain number of 
days after date need not be protested for non-acceptance. 

Oral acceptance generally binds. 

Acceptor of draft not entitled to notice of protest. 

Agent with authority to sign checks not presumed to be au- 
thorized to accept drafts. 

A draft once accepted cannot be withdrawn. 



Notes. 



Xotes are of two kinds, negotiable and non-negotiable. 

A note is a promise to pay a stated sum of money at a stated 
time, and may or may not bear interest. If it does, the fact 
must be stated on the face of the note. They should be made 
payable at the bank where an account is kept, and a careful 
record should be kept, the amount, when due, etc. Whilst 
banks generally send out notices of notes, the law does not re- 
quire them to do so ; it is simply a courtesy, and if one should 
be lost among the many hundred banks send out each month, 
great inconvenience might be caused you. 

When you desire to borow money from a bank, go to the 
cashier and state what you want and the security you offer. 
Give him time enough to post himself as to the security and 
your ability to pay when due, and when the note becomes due 
give it prompt attention. If you are not in a condition to pay 
all, don't wait for the last day or minute, but make arrange- 
ments with the bank in advance for a renewal of part of the 
note. 



Form of Note. 



$100. Washington, D. C, August 3, 1905. 

Three months (or any time) after date, I prom- 
ise to pay to the order of John Smith, 
One hundred Dollars. 

Negotiable and payable, with 6 per cent interest, 
at Security Xat. Bank. 
Value received. 
Xo. Due. Richard Smith. 



8 HINTS ON BANKING. 

The acceptance and certification of a bank check does not 
guarantee the signature of the indorsers to be genuine. 

■The acceptance of a check by a bank in certifying it would 
only bind the bank for the original amount if raised previously. 
Overdrafts. 

It sometimes happens that a person, by mistake or some mis- 
take on the part of the bank, will draw for more money than 
on deposit. Don't be fretted if you receive notice that your 
account is in such a condition, but go at once to the bank with 
your book, and see where the trouble is. Overdrafts do not 
look well in a bank statement, and whilst they might be will- 
ing to loan you hundreds of dollars they don't like to pay 
checks for a few dollars more than at your credit. In one case 
it will be a small matter, but in a large number it gives con- 
siderable trouble. If for any reason you are disappointed in 
receiving money expected, go to the cashier and tell him, and 
ask him if he will pay your check for a given amount. Make a 
rule not to draw for money until in hand. The unexpected 
will generally happen, and may cause your credit damage. 

Drafts. 

The term draft is generally applied to an order drawn at sight 
or at a future time, and is usually for a sum of money that has 
matured, but not necessarily so, it may be for a sum yet to 
become due, the difference between a check and draft, the 
former need not be protested to bind the maker, whilst the 
latter must be protested to bind the maker. 

When a draft has been accepted, the one who accepts be- 
comes the principal debtor, and the maker's liability is that of 
indorser. 

Drafts afford a very convenient form of transferring funds 
from one point to another. 

Form of Draft. 

$100 Washington, D. C, July 31, 1905. 

At sight (or so many days or months after date 
or acceptance) . 

Pay to the order of John Brown 
One hundred Dollars. 

Value received, and charge the same to account of 
To John Doe, Thomas Jones. 

Boston, Mass. 

Drafts should be deposited for collection, to be credited when 
advised of payment. Banks generally object to treating them 
as cash. It causes the bank extra work. 



HINTS ON BANKING. 9 

The treasurer of a municipal corporation cannot bind it by 
the acceptance of an order drawn on the treasury. 

Drafts glrawn on party in one town or city must accept par- 
able in that town or city. An acceptance elsewhere releases 
drawer and indorsers. 

Acceptance must be unqualified. Drawer of draft released 
for the reason that it is allowed to be accepted " when funds in 
hand." 

Drafts drawn on " A, agent," and accepted by " A, agent," 
binds A individually. 

Draft drawn papable at a certain date or a certain number of 
days after date need not be protested for non-acceptance. 

Oral acceptance generally binds. 

Acceptor of draft not entitled to notice of protest. 

Agent with authority to sign checks not presumed to be au- 
thorized to accept drafts. 

A draft once accepted cannot be withdrawn. 



^Notes. 



Notes are of two kinds, negotiable and non-negotiable. 

A note is a promise to pay a stated sum of money at a stated 
time, and may or may not bear interest. If it does, the fact 
must be stated on the face of the note. They should be made 
payable at the bank where an account is kept, and a careful 
record should be kept, the amount, when due, etc. Whilst 
banks generally send out notices of notes, the law does not re- 
quire them to do so ; it is simply a courtesy, and if one should 
be lost among the many hundred banks send out each month, 
great inconvenience might be caused you. 

When you desire to borow money from a bank, go to the 
cashier and state what you want and the security you offer. 
Give him time enough to post himself as to the security and 
your ability to pay when due, and when the note becomes due 
give it prompt attention. If you are not in a condition to pay 
all, don't wait for the last day or minute, but make arrange- 
ments with the bank in advance for a renewal of part of the 
note. 



Form of Note. 



$100. Washington, D. C, August 3, 1905. 

Three months (or any time) after date, I prom- 
ise to pay to the order of John Smith, 
One hundred Dollars. 

Negotiable and payable, with 6 per cent interest, 
at Security Nat. Bank. 
Value received. 
No. Due. Richard Smith. 



IO HINTS ON BANKING. 

Guaranty written on the back of a negotiable note before 
maturity renders it non-negotiable. 

Note executed by a corporation, by its president, is not nego- 
tiable when payable to the president individually. 

A stipulation in a note that if paid before maturity it will be 
subject to a certain discount, makes it non-negotiable. 

A note payable to the " Estate of Tom Brown, deceased," 
would not be negotiable. 

A note with an indorsement on it that it would be renewed 
would be non-negotiable. 

The indorsements on notes should be without restrictions or 
conditions ; otherwise negotiability may be destroyed. The 
time of payment must be fixed and capable of computation. 
The amount must be certain and payable in money, and the note 
must be payable to one capable of being identified. 

But few states have grace on notes ; therefore they are pay- 
able at the time stipulated on the face. A note payable so 
many months after date will fall due on the same date as dated, 
but one payable so many days after date will generally fall due 
at a different date in the month, because months with 31 days 
will be counted as that many days. When notes fall due on 
Sunday or a legal holiday they are, in most states, payable the 
next succeeding business day, but a note may be paid at any 
time before its due day. 

Indorser. 

An indorser is one who writes his name on the back of a 
negotiable instrument as evidence of its transfer from himself, 
and who thereby, unless otherwise stated, guarantees the pay- 
ment of the paper. Such a paper should be turned over, either 
from or toward the reader, and the first name put near the 
upper side, about two or three inches from the top ; all other 
indorsements just under the previous ones. Should a name be 
wrong in any particular, indorse as written, and then put the 
correct name under this. 

The writing must be on the paper itself, if room for it, but if 
not it may be on a separate paper attached to the instrument. 
If the writing is made on an instrument that is not negotiable, 
then the writer is not an inclorser. 

The indorser agrees that if the instrument is at proper time 
and in proper manner presented for payment where payable or 
for acceptance, and payment or acceptance is refused, and he 
given timely notice of the fact, he will pay. 

The indorser guarantees the genuineness of all prior signa- 
tures, and that the instrument is legal, and that the amount is 
or will become due and payable. 



HINTS ON BANKING. 1 1 

An indorser may restrict his liability by writing- restrictive 
words over the signature. If he writes " Without recourse," 
he does not warrant the solvency of the maker, but he does 
guarantee that the note is all right and the signatures are genu- 
ine. If he wishes to avoid these guarantees he should write 
' Without recourse and without warranting any of the matters 
in or which make up this note." 

Where a negotiable note is payable to order it must be in- 
dorsed if its negotiable character is to remain, but a legal owner 
may demand and enforce payment, without the indorsement of 
the payee or indorsee, if he can show ownership. 

Where a note is indorsed in blank the one to whom it is trans- 
ferred may w r rite above the name any words making it payable 
to himself, or order, or bearer; but he must not add any con- 
tract inconsistent with that of an indorser. 

An indorsement may be made restrictive by adding the words 
" for deposit " or " for collection." Such an indorsement de- 
stroys the negotiability. 

A person may assign on the back of a note any part of the 
note, and by so doing does not thereby assume the part of an 
indorser. 

A person who writes his name on the back of a note, before 
inception, to give credit to the maker, is not a strict indorser 
unless it can be shown that he so intended. 

Where, without the knowledge of a person, a note is made 
payable to his order, he having no interest in it, the bill is in 
effect payable to bearer. 

An indorser is entitled to the benefit of any security the 
maker has given to the holder of his paper as security therefor, 
even if he is ignorant of the same, and if the creditor know- 
ingly or unwittingly releases the security the indorser will be 
released. 

The indorsement of a non-negotiable instrument carries with 
it no commercial responsibility. 

If the payee or indorsee dies, the executor must, in transfer- 
ring, indorse it in his official capacity, even if the deceased 
owner has indorsed it. 

A special indorsement is where a particular person is speci- 
fied, and the indorsement of such indorsee is necessary to the 
negotiation of the instrument. 

Certificate of Deposit. 

A certificate of deposit is simply a receipt from the bank, 
showing the deposit of a certain sum of money and upon cer- 
tain conditions. It is generally issued to be returned when the 
money is desired, but not always the case. Sometimes it may 
be issued and the money subject to withdrawal without a return 
of the certificate. 



12 HINTS ON BANKING. 

Collections. 

Banks make collections for its customers at any point where 
other banks are located, or, when there is no bank at the point 
where drawn, the collection will be sent to a bank near the 
place, which bank will notify the person by mail. 

The bank will take your drafts on parties or drafts sent you. 
Those you do not wish to have protested should have a notice 
to this effect attached to them ; otherwise you might be put to 
useless expense. Hand your collections to the bank as early in 
the day as possible ; otherwise you may impose a great amount 
of work on the bank officers at closing or the busiest time of 
the day. 

Where the holder of a bill of exchange, payable at a distant 
point, deposits with his bank for collection, he thereby assents 
to the course of business to collect through correspondents, and 
the correspondent of the local bank becomes his agent. 

A bank receiving an indorsed note before maturity for col- 
lection is required to take proper steps to fix the liability of the 
indorser. 

Checks deposited in a bank by its customers for collection do 
not at once become the property of the bank ; the bank con- 
tinues the agent of the customer until the collection of the 
check. 

Collecting commercial paper is part of the regular business 
of banking, and a bank will be held liable for negligence in col- 
lecting a draft. 

Where an instrument is dated back or ahead of time, when 
delivered, the date will not govern the time when the instru- 
ment is to take effect. A bank check dated ahead and beanng 
'no other indication of time of payment is payable on the day of 
its date. 

Demand. 

In order to maintain an action for a promise to pay money 
generally it is not necessary to show that a demand has been 
made. The debtor must hunt up the creditor and tender pay- 
ment. 

If the obligation on which demand is made is secured by col- 
lateral, the collateral must be on hand ready to be surrendered. 

If a bill of exchange is made payable at a fixed date or a cer- 
tain number of days after date, there need be no demand of ac- 
ceptance, but if payable after sight there must be a demand for 
acceptance. The demand should be made to the drawee per- 
sonally. 

If the holder of a bill fails to make demand when he should 
have made it, he has no right of action on the consideration of 
the debt which the bill represents. 



HINTS ON BANKING. 



13 



If the maker or the acceptor is dead, the demand must be 
made to the executor or administrator, if there is one; and 
where the indorser is dead the notice of protest must go to the 
executor or administrator. 

If a paper is lost or destroyed the demand should be made 
with a copy and an offer to give an indemnifying bond. The 
demand should be made in business hours, and, if payable at a 
bank, in banking hours. 

Protests are for the purpose of notifying the indorsers on an 
instrument that the same has not been paid — that they may take 
proper steps to protect their interests — not that a bank wants 
to injure or punish you. This notice may be given by any one, 
in the presence of a witness, but banks generally have a sworn 
officer, called a " Notary Public," whose certificate is taken 
without question. 

Discount and Interest 

Are the amounts paid for the use of money or for cashing 
drafts. 

The law of the state where a note is payable or where a con- 
tract is to be performed will govern the legality of the rate of 
interest unless the contract is made to cover for usury. 

Where there is no agreement for the payment of interest on 
an account interest will not be allowed unless a well-known 
local custom is in effect. Where there is no agreement to pay 
interest, and where the amount due is uncertain, interest will 
not generally be allowed until after a demand has been made. 

A note payable on demand should plainly state that interest 
is to be paid from its date ; otherwise it might be construed as 
only drawing interest after demand of payment has been made. 
Obligations providing for a greater rate of interest after ma- 
turity are valid, and the greater interest can in most cases be 
enforced. 

Generally a contract to pay interest upon interest will not be 
enforced if the promise is made before the interest is due ; but 
if after it is due, for a consideration, it will be valid and en- 
forceable. 

Unpaid installment of interest may make a negotiable instru- 
ment non-negotiable, although principal not due. 

Deposits. 

The relation of banker and depositor is that of debtor and 
creditor. Deposits on general account belong to the bank and 
are a part of its general fund. 

A bank is not chargeable with interest on sums deposited to 
the credit of customers unless upon special contract made. 

A bank may properly refuse to honor the checks of a depos- 
itor who is indebted to the bank on a past-due note. 



14 HINTS ON BANKING. 

A deposit slip issued by a banker, acknowledging the receipt 
of the amount of money therein named, is intended to furnish 
evidence between the depositor and bank, and not that such 
sums remain on deposit. A delivery of such slip to a third 
party does not operate as an assignment of the funds. 

Money deposited in a bank without stipulation as to place of 
payment is payable to the depositor at the bank. 

The title to checks and drafts deposited in a bank for credit 
to the depositor's account remains in such depositor until they 
are collected, although the amount thereof is at the time entered 
on his book as a credit. 

A bank has the right to charge to the account of a general 
depositor the amount of notes of such depositor held by it 
which are due. 

Accommodation Paper. 

Accommodation paper is such as is made, accepted or in- 
dorsed by one party for the benefit of another, without consid- 
eration. If the accommodation is made after the note has been 
delivered, there must be a new consideration to make contract 
binding. 

Notes exchanged between makers are not accommodation 
notes ; each is a consideration of the other. 

Accommodation paper has no validity until it has been passed 
for value into the hands of a third person. If the paper has 
been pledged for less than its value, the accommodating party 
may revoke his contract. 

The law of the place where the indorsement for value is 
written governs the liability of the indorser, but the law of the 
place where the paper is negotiated governs the liability of an 
accommodation indorser. 

If paper made or indorsed for the accommodation of one 
member of a firm comes into the hands of the firm, they can 
not enforce it against the party who granted the accommo- 
dation. 

The accommodation maker may not plead lack of considera- 
tion to a holder for value, although the latter knew of the want 
of consideration. 

General power of attorney to indorse paper would not cover 
indorsement for accommodation of third parties. 

Accommodation indorser on draft could not be held for an 
amount by which a draft had been altered or raised. 



Agency, 



An agent with power of attorney to manage a business and 
to make and indorse notes in the principal's' name can not bind 
the principal by using his indorsement for the benefit of the 



agent. 



HINTS ON BANKING. 1 5 

An agent with authority to collect debts and to receive 
checks and drafts in payment thereof has no authority to in- 
dorse such checks and draw the money on them. 

Principal is bound by the acts of the agent, within the scope 
of his apparent authority, even if the agent went beyond his 
actual authority. 

Agent can not act for two principals to a contract and bind 
either of them. 

Agency terminates by death of the principal. 

Payment to an alleged agent is not warranted simply be- 
cause a note is payable at his office. 

Payment to an agent authorized to receive money must be 
in money and not in something else. 

A power of attorney to pledge is not authority to sell. 

Authority to collect interest or principal due is not neces- 
sarily authority to collect principal due or not due. 

Principal must promptly disavow unauthorized acts of agent. 

An agent can never be presumed to be an agent to do an 
unlawful act or carry on an unlawful business. 

Authority to create, convey or assign a lease does not au- 
thorize a surrender of it. 

An agent to manage a business can not sell it out. 

Alterations of Instruments. 

Procuring additional signer to the face of a note, after its 
inception, releases all parties thereto not consenting to such 
alteration. 

Changing date of note releases maker and indorsers, even if 
the alteration would have benefited them. 

Interlineation of consideration in a written contract is fatal 
to its recovery. To allow drafts to be accepted, payable in a 
place elsewhere than in the place on which it is drawn, is an 
alteration of the draft. 

A note for a given amount may be changed and a new 
amount inserted ; then, in the presence of the indorser, the 
original amount restored, the indorser could not be held. 

Alteration of a surety bond releases the sureties. 

Alteration of notes makes them void. Adding the words, 
" with interest " releases indorsers. 

Adding a certain rate of interest to a certificate of deposit 
releases the maker and extinguishes the debt. 

Any material alteration of a negotiable instrument releases 
all the parties to it who did not participate in or consent to the 
alteration. In many cases it not only destroys the instrument, 
but extinguishes the debt. In order that an alteration may be 
material it is not necessary that it be done to take advanage of 
one ; it is sufficient if it alters the contract. 



1 6 HINTS ON BANKING. 

Section 125 of the Negotiable Instruments Law state's the 
general rule : 

" Any alteration which changes : 

" 1. The date. 

" 2. The sum payable, either for principal or interest. 

" 3. The time or place of payment. 

" 4. The number or relation of the parties. 

"5. The medium of currency in which payment is to be 
made ; or which adds a place of payment when no place of pay- 
ment is specified ; or any other change or addition which alters 
the effect of the instrument in any respect is a material altera- 
tion." 

Consideration. 

Promise to pay interest is sufficient consideration for binding 
extension of time of paying a note. 

If part of the consideration for a note is illegal the note, is 
void. 

In certain cases, signing of note after inception is without 
consideration. 

Gift of note payable after death of donor is good if the one 
to whom given has committed some act prejudicial to himself 
on the faith of the promise. 

Disadvantage to a creditor is sufficient consideration to bind 
guarantor. 

Note given by wife for deceased husband's debt is without 
consideration. 

A promise to pay the debt of another should be in writing. 

Dates. 

An instrument is valid, although it is not dated. But when 
once dated it should not be changed without consent of parties. 

Where two dates are given, one the day of the month and the 
other the day of the week, and they are inconsistent, the day of 
the month will govern. 

General Directions. 

See that your deposits are entered on your pass book cor- 
rectly, and have your book balanced regularly, and examine all 
your checks and papers as soon as returned by the bank. If 
mistakes occur, report them at once. 

Attend to your bank business during business hours ; make 
your deposits as early in the day as possible ; make your con- 
versations with bank officers as brief as possible ; don't ask 
them to make exceptions in your favor from general rules, and 
always speak a good word to your friends for your bank. 

Try to retain a balance to your credit in the bank at all times. 
Do not feel as if the bank may make some money out of your 



INTEREST AND SAVINGS. 1 7 

account. Banks do a great deal of work for which they get no 
pay, and often but little thanks. Try to cultivate an accommo- 
dating spirit in all of your relations with your bank, and you 
will find them your best financial friends. 
Short Interest Rule. 

To find the interest on a given sum for any number of days 
at any rate of interest, multiply the principal by the number of 
days and divide as follows : 

by 72 

' 60 



At 


5 per cent. 


At 


6 


At 


7 


At 


8 


At 


9 


At 


10 


Time at which 3 



•52 

■45 
,40 

■36 



which Money Doubles at Interest. 

Rate Simple Compound 

per cent. Interest. Interest. 

10 10 years. 7 years 100 days 

9 11 years 40 days. 8 years 16 days 

8 I2.H years. 9 years 2 days 

7 14 years 104 days. 10 years 89 days 

6 16 years 8 months. 1 1 years 327 days 

5 20 years. 15 years 75 days 

4/^ 22 years 81 days. 15 years 273 days 

4 25 years. 17 years 246 days 

3/^ 28 years 208 days. 20 years 54 days 

3 33 years 4 months. 23 years 164 days 

2/^ 40 years. 28 years 26 days 

2 50 years. 35 years 1 day 

Results of Saving- Small Amounts of Money. 

The following shows how easy it is to accumulate a fortune, 
provided proper steps are taken. The table shows what would 
be the result at the end of fifty years by saving a certain amount 
each day and putting it at interest at the rate of 6 per cent : 

DAILY SAVINGS. THE RESULT. 

One cent $ 950 

Ten cents 9, 504 

Twenty cents 19, 006 

Thirty cents 28,512 

Forty cents 38,015 

Fifty cents 47, 520 

Sixty cents 57,024 

Seventy cents 66, 528 

Eighty cents 76, 032 

Ninety cents 85, 537 

One dollar 95.041 

Five dollars 475, 208 

Nearly every person wastes enough in twenty or thirty years, 
which, if saved and carefully invested, would make a family 
quite independent ; but the principal of small savings has been 
lost sight of in the general desire to become wealthy. 



1 8 USEFUL BUSINESS FORMS. 

FORMS 

Indemnity Bond for Indorsing a Note. 

Know all men by these presents that we, 
of and of are held and firmly bound 

unto of in the penal sum of dollars, 

lawful money of the United States of America, to be paid to 
the said his executors, administrators or assigns ; for 

which payment, well and truly to be made, we bind ourselves, 
our heirs, executors and administrators, firmly by these pres- 
ents. Sealed with our seals. Dated the day of 

Whereas, the said has, without consideration, and 

solely for the accommodation of and under the agree- 

ment at the time that this bond of indemnity would be given, 
indorsed (or other act state) a certain promissory note, dated 

payable after date to the order of 

for the sum of dollars, and signed. Now the condi- 

tion of this obligation is such that if the above bounden 
and their executors, administrators, or any of them, shall and 
truly pay the said note and save harmless the said his 

executors and administrators from and against any and all 
suits, actions, damages and expenses by reason thereof, then 
this obligation to be void ; otherwise to remain in full force 
and virtue. 

(Seal.) 

(Seal.) 



Indemnity Bond for Clerk or Other Employe. 

Know all men by these presents, That we, and 

of are held and firmly bound unto , in the penal 

sum of dollars, lawful money of the United States of 

America, to be paid to the said , executors, administra- 

tors or assigns, for which payment, well and truly to be made, 
we bind ourselves, our heirs, executors and administrators, 
firmly by these, presents. 

Sealed with seal. Dated this day of 190 . 

Whereas, the above-named has entered or is about 

to enter the employ of and in such employment he will 

or may be required to perform, and may perform, the duties 
of (here name all of the duties). Now, the condition of this 
obligation is such that if the said shall well and truly 

perform and discharge all of the duties incident to such em- 
ployment, generally or specially, and account for and pa}' over 
any and all money and property which may come into his con- 
trol or possession as such employe, then this obligation to be 
null and void, otherwise to remain in full force and virtue. 

(Seal.) 

..(Seal.) 



USEFUL BUSINESS FORMS. 1 9 

Indemnifying Bond for Goods. 

Know all men by these presents, That we, of 

and of are held and firmly bound unto doing 

business under the firm name of or either of them, in 

the penal sum of dollars, lawful money of the United 

States of America, to be paid to the said executors, ad- 

ministrators or assigns, for which payment, well and truly to 
be made, we bind ourselves, our heirs, executors and admin- 
istrators, firmly by these presents. 

Sealed with our seals. Dated this day of 190 . 

Whereas, the above-named or the individual mem- 

bers thereof have delivered or may deliver to the above 
bounden certain (here name the goods) goods, with 

authority to sell the same (or name any other use), and receive 
pay therefor in cash (or in any other way name) or by check, 
and, if payment is made by check, to indorse their names, or 
the name of either of them on such checks. 

Now, the condition of this obligation is such that if the said 
shall on demand return to the said or either of 

them, the articles or goods above referred to, which have or 
may hereafter be delivered to him, unless the same may have 
been destroyed by the elements, or shall in lieu thereof well 
and faithfully account therefor and pay over all money or 
checks received therefor, this obligation to be void ; other- 
wise to remain in full force and virtue. 

..(Seal.) 

..'..' (Seal.) 

Guaranty for Payment or Collection of Notes. 

For value received, I hereby guarantee the payment (or col- 
lection) at maturity of the within note (or other instrument) 
to the holder thereof or his assigns, together with any costs or 
expenses incurred in the collection of the same from the 
maker or any one else, or either of them. 

Power of Attorney to Sign or Indorse Notes. 

Know all men by these presents, That I, of 

in the city of State of , do hereby make, constitute 

and appoint of said my true and lawful attorney, for 

me and in my name ; to draw checks against my account in 
the Bank or to indorse checks, in my name, on my said 

bank, or any other bank which may require my indorsement 
for deposit as cash or for collection in the said bank ; or to 
accept drafts which may be drawn on me, and to do such other 
lawful acts in connection therewith, hereby ratifying and con- 
firming all that the said attorney shall do therein by virtue of 
these presents. 

In witness whereof I have hereto set my hand and seal this 
day of 190 . 

Signed, sealed and delivered in the presence of 

(Seal.) 



COURT DECISIONS. 



Acceptance of Drafts Not Withdrawable. 

Daniel on Negotiable Instruments states that the acceptor of 
a draft, who discovers that he hasnotfunds, immediately after 
acceptance, may recall the same, provided he has time to notify 
the drawer and indorsers. 

This rule is not sustained in many States. 
McMaster, No. 128. 

Acceptance, Oral. 

It is clear that in the absence of any statute to the contrary, 
an oral acceptance of an existing bill of exchange is valid, and 
that an indorser of a bill so accepted may maintain an action 
on such acceptance against the acceptor. 

120 Mass., 317 ; 115 Mass., 374 ; 98 Mass., 287 ; 2 Mete. 
(Mass.), 288, 381 ; 2 Wheat., 66; 2 Pet., 170 ; 2 Story, 
213 ; Fed. Cas. No. 12, 165 ; 48 Pa. St. , 411 ; 4 Mich., 
450; 48-111., 36. 

Acceptance of Draft, Must be Where Party Resides. 

If the acceptor of a bill resides in the same place where made 
payable, the acceptance payable at a bank in such place would 
be proper (19 N. Y., 447), but an acceptance of a bill at a dif- 
ferent place from that of the residence of the drawee or where 
addressed would release the indorsers. 
McMaster, No. 208. 

Acceptance, Qualified, Releases the Drawer. 

When the draft is made payable absolutely for a certain sum 
to the payee, there must be an unqualified acceptance of the 
same. If without the consent of the drawer a conditional, 
limited, or qualified acceptance is allowed, the drawer will be 
released from all liability. 

1 Dan'l Neg. Inst., sec. 510 ; Chitty of Bills, 340; Story, 
sec. 204 ; 75 Ga., 33. 

Acceptance, When Not Necessary. 

A draft drawn payable at a certain date, or at a certain time 
after date, need not be presented for acceptance to hold the 
drawer or indorsers, unless instructed to so present. 

12 Vt., 401. 
20 



COURT DECISIONS. 21 

Accommodation Paper. 

When the pa3 r ee of an accommodation check, given for a 
particular purpose, deposits it in a bank in his own name and 
the bank makes advances and extends credit on the faith of 
the deposit without notice of the trust, its rights and equities 
are superior to the draw ? er of the check. 

i Pa. Super. Ct., 144 ; 37 W. N. C, 518. 

An accommodation indorser on a note given in renewal of a 
note on which he was also accommodation indorser, at its 
maturity is not relieved of liability because of his insanity at 
time of signing it, the bank taking it in renewal having no 
notice of his insanity, and he having been sane when the prior 
note was executed. 

Tenn. Sup., 33 S. W., 716. 

Accommodation paper is put into circulation for the pur- 
pose of giving credit to the party for whose benefit it is in- 
tended, and, although he; cannot maintain an action upon it 
against the accommodation maker or indorser, a purchaser 
can do so, who acquires it while still current, and gives the 
credit it was intended to promote, although with knowledge 
of its original character. 
77 Feb. Rep., 532. 

Authority to Sign Firm JSTotes. 

Where R, who signed a note on behalf of a firm for monev 
loaned to the firm by plaintiff, had been represented to the 
payee as the superintendent and general manager for the firm, 
and had transacted all its business from the time it started, 
including its financial affairs, and though the person for whom 
the money was borrowed testified that R had no right to bor- 
row money and sign the firm name to the obligation, he ad- 
mitted that the firm got the money thereon, and appropriated 
it to its needs, and R represented to the payee that he was a 
member of the firm, and by virtue of his position as general 
superintendent and manager had authority to sign its name, 
a finding by the lower court against R's authority w T as erron- 
eous. 

Fordville Banking Co. vs. Thompson (Ky.), 82 S. W. 
251. 

BankiDg Law 7 . 

An employer recovered from a fidelity company on the lat- 
ter 's bond, the amount of money appropriated by an employee, 
who had raised certain checks, which were paid by the bank 
where the employer deposited his funds. The surety then 
brought suit against the bank to recover the sum which it had 
been forced to make good. The Kentucky Court of Appeals, 
on March 1, held that no such right of action existed. 

American Bonding Co. vs. First Nat. Bank, 85 S. W., 
190. 



22 COURT DECISIONS. 

Banker's Lien. 

A bank has a general lien on all money and funds in its 
possession for any debt due it, provided the debt is due and 
payable, but not on debts that have not matured. This lien 
covers notes or papers held for collection of a depositor. 

Bank Only Vouches for Signature in Paying - Check. 

A bank accepting and paying a check only vouches for the 
genuineness of the signature, and cannot be held to a knowl- 
edge of the want of genuineness of any other part thereof, or 
of the bona fides of the holder. 
55 N. Y., 211. 

Bill of Lading Attached to Time Draft, Whon Delivered. 

If the goods mentioned in a bill of lading are by its terms 
to be delivered to the party on whom the draft is drawn, then 
the bill of lading is to be delivered on acceptance of draft, 
payable at future date ; but if by the terms of the bill of lading 
the goods are consigned to the order of the shipper, then his 
blank indorsement of it will not warrant the delivery of it 
until the time draft is actually paid. 
29 Minn., 363 ; 91 U. S., 92. 

Certified Check. 

The statement or certificate of a teller that a check was "all 
right" and would be paid would not bind the bank, except for 
original amount, if check had been previously raised. It is 
well understood that a bank in certifying a check does not 
guarantee any of the signatures on it except the maker's or 
that the amount has not been raised. 

1 Hill, 287 ; 3N.Y, 230,237 ; 40 N. Y., 456 ; 64 NY., 
316, 320 ; 91 N. Y., 74 ; 76 Hun., 475 ; 27 N. Y. 
Supp., 1070. 

Certificate Payable in Current Funds, Indorser Not Held. 

Of four indorsers on a certificate payable "on ten days' 
notice, with interest in current funds, on return of this certif- 
icate , ' ' the last one and the owner of the paper sued the second 
indorser, but he could not be held, the court said in part: 
"The certificate of deposit not being negotiable, the indorse- 
ment of the defendant could communicate no title to his 
indorsee." 

McMaster, No. 348. 

A certificate of deposit payable in "current funds" is not 
negotiable. 

18 Wis., 481. 

Paper payable in "New York funds," "in current bills, " 
"in foreign bills" is non-negotiable. 
4 Mass., 245 ; 5 Cowen, 186. 



COURT DECISIONS. 23 

Certificate of Deposit to Two Parties. 

A deposited in bank a sum and took a certificate of deposit, 
payable to himself or his wife on return of the certificate. He 
died, and a few days thereafter his wife presented the certifi- 
cate and drew the money. 

The court, in passing on the question, said in part : "Cer- 
tificate, drawn as the one mentioned, did not authorize the 
payment to his wife after his death. This is no longer an open 
question in this State." 

41 Md., 466; 48 Md., 550. 

Certification 110 Guarantee of Signature. 

The acceptance or certification of a bank check does not 
warrant the signatures of the indorsers to be genuine. 
38 N. E., 739- 
Certificate of Deposit Stub Part of Contract. 

A person depositing mone3 T in a bank accepted from the 
cashier a certificate of deposit which made no mention of 
interest, but with a verbal agreement that interest should be 
paid. The cashier at the same time indorsed a memorandum 
of the rate of interest on the stub from which the certificate 
was taken. Held, that the stub should be read with the cer- 
tificate as evidence of the entire contract. 
48 Fed. Rep., 614. 

Check Forged, Liability of Bank Paying" It. 

The indorser of a note warrants to a purchaser the genuine- 
ness of the signature of the maker and all previous indorsers. 
This warranty applies to similar signatures on a check where 
the check is transferred for value ; but when the note is pre- 
sented to the maker for payment, or the check is presented to 
the bank on which it is drawn, then this warranty ceases as to 
the genuineness of the signature of the maker. When the 
drawee of a check or bill pays the same to the bona fide holder, 
such drawee cannot recover the money back upon discovering 
such check or bill to be a forgery. 

46 N. Y., 77; 6 Taunt, 76 ; 3 Barn & Co., 428; 55 N. 

. Y., 21 t ; 84 N. Y., 209 ; 4 Dall., 234 ; 107 Mo., 402 ; 

17 S. W., 982 ; 30 Md., 11 ; 90 Ky., 10 ; 13 S. W., 

339 ; 151 Mass., 280 ; 24 N. E., 44 ; 114 N. Y., 28 ; 

20 N. E., 623 ; 4 Ohio St., 628. 

Check Given for a Bet Must Be Paid. 

A bank cannot refuse to cash a check although it knows 
that the check was drawn in payment of a bet made in viola- 
tion of a law on the result of an election, and the fact that a 
check was so cashed is not ground on which the drawer can 
recover the amount from the bank. 
Cal., 31 P., 51. 



24 COURT DECISIONS. 

Checks, in Mixed Accounts, How Applied. 

Where a person deposits in bank money held by him in a 
fiduciary capacity, mixing it with his own moneys, and after- 
wards draws checks against his account, such checks will be 
applied first to the moneys belonging to the drawer ; and in 
such case the rule that checks will be applied to the deposits 
in the order in which the deposits were made does not apply. 
Sup., 33 N. Y. S., 794. 

Checks May Be Returned After Being Canceled. 

The fact that the cashier of a bank upon which a check is 
drawn takes the check and places it upon the ' 'canceling fork" 
does not constitute such an acceptance as will prevent him 
from declining to pay and returning the same upon learning 
that the drawer has not sufficient funds, or it the check is not 
in proper form. 

69 Ind., 479. 

Checks May Be Returned and Deposits Canceled. 

When checks on another bank are handed by a depositor to 
the receiving teller of a bank and are by the teller credited on 
the depositor's pass book, they are only received for collection, 
and if not paid on presentation may be returned and the credit 
in the pass book canceled. 
51, Cal., 64. 

Check Payable to Bank— It Must Know Disposition of Funds. 

When a bank accepts a check made payable to it, or with 
an indorsement so payable, it is bound to know what disposi- 
tion is desired of the proceeds. 
41 Conn., 421, No. 85. 

Check Payable to Wrong' Person. 

Title to a check payable to H. B., intended for N. B., can- 
not be obtained under indorsement by H. B., made fraudu- 
lently, though the indorsee be deceived and pay value. 
58 111. App., 395. 

Check !N on-Negotiable. 

A check on a savings bank is not negotiable when it states 
that the depositor's book must accompany the check when it 
is presented for payment. One who writes his name on the 
back of such a check is not an indorser. 

To constitute a negotiable draft or order, it must be a written 
order from one party to another for the payment of a certain 
sum of money, and that absolutely and without any con- 
tingency that would embarrass its circulation to a third party 
or his order or bearer. 

65 Maine, 589 ; 88 Maine, 339, No. 4. 



COURT DECISIONS. 25 

Check Remains Property of Depositor. 

Two bills of exchange belonging to the plaintiff, at Chicago, 
were indorsed for collection to a bank at Atchison, Kans., and 
by said Atchison bank to a bank at Kansas City, Mo., and by 
the latter to defendant, a bank at Hutchinson, Kans. Held, 
that they remain the property of plaintiff, all the indorsements 
being restrictive. 

1 McCrary, 491. 

Checks deposited in a bank by its customers for collection 
do not at once become the property of the bank. The bank 
continues to be the agent of the customer until the collection 
of the check, which remains, in the meantime, the property 
of the depositor. 

15 Fed. Rep., 675. 

Check, When Must be Presented. 

Between the drawer of a check and the one to whom it is 
payable, the bank and all the parties being in the same place, 
it need not be presented until the day following the one on 
which issued ; but as between principal and one who receives 
the check, or his agent, the check must be presented the day 
it is given. 

McMaster, No. 264. 

Check, When Not Sufficient Tender. 

A tender of bank checks payable in sixty and ninety days is 
not a tender of payment. 

Cady vs. Case (Wash.), 39 P., 375. 

Check with Stipulation. 

A stipulation stamped on the face of a check that it will 
not be paid to a certain company or its agents is valid. 
24 S. E., 524. 

Collections — Insolvency. 

A transaction by which the drawee of a draft sent to a bank 
for collection, gives the bank a check on his deposit therein 
for the amount of the draft, amounts to a payment of the draft, 
although the bank is in fact insolvent, so long as the bank is 
open and doing business, and there is no fraud or collusion 
between it and the drawee. Where a draft is sent to a bank 
for collection, and it is so restricted by indorsement, the bank 
is authorized to carry the proceeds of the draft, when collected, 
into its general assets ; and when it does so the relationship 
between the drawer or forwarder of the draft and the bank 
becomes that of creditor and debtor, so that, on assignment 
of the bank by reason of insolvency, such drawer or forwarder 
can only share in the assets pro rata with the general creditors. 
N. C. Corporation Commission vs. Merchants & Farmers 
Bank (N. C), 50 S. E., 308. 



26 COURT DECISIONS. 

Collections, When Relation of Creditor and Debtor is Created. 

Under an agreement between plaintiff bank and the H. bank 
that the latter should collect notes and checks forwarded it by 
plaintiff for a commission and remit daily, the relation of prin- 
cipal and agent as to any paper ceased on collection, and the 
relation of creditor and debtor as to cash immediately arose. 
19 S. E., 280. 

Construction of Note. 

The entire amount of a note, providing for interest froni the 
date thereof "to be paid semi-annually and the principal to be 
* paid one-tenth annually until the note is paid in full," does 
not become due on the failure to pay the first instalment. 
When such note is secured by deed of trust, with power of 
sale should the mortgagor fail to well and truly pay the note 
as it falls due, a sale by the mortgagee under the power of 
sale for the non-payment of the installment, but before the 
maturity of the entire note, is void. 

Hinton vs. Jones (N. C), 48 S. E-, 546. 

Corporations — Authority of President. 

In the absence of authority from the directors of a corpora- 
tion, the president has no authority to assign an account due 
the corporation. 

Where the president of a corporation was authorized by the 
directors to obtain a loan for a certain amount, and to secure 
the same by an assignment of moneys to become due the cor- 
poration in the future under certain contracts, and he assigned 
a sum greater than the amount of the loan, the fact that the 
assignee at the time it advanced such loan had previous un- 
secured advances did not give it the right to hold the assign- 
ment for any amount over that referred to in the resolution of 
the directors. 

Cogan vs. Conover Mfg. Co. (N. J.), 60 Atl., 408. 

Customer Cannot Follow up Check or Proceeds. 

Where a bank accepts a check on another bank as cash, 
giving therefor a sum of money, a certificate of deposit, and 
the balance in a credit to the account of a third person, such 
transactions creates merely the relation of debtor and creditor 
between the bank and its customer, and the latter cannot, on 
the insolvency of the bank, follow up the check or its proceeds 
as his property. 

Sup., 37 S. W T ., 283. 

Draft Received in Payment of Check. 

Where the payee of a check deposited the same with a bank 
for collection, and said bank sent it for collection to defend- 
ant, and defendant received from the bank upon which the 



COURT DECISIONS. 27 

check was drawn a draft in payment thereof, defendant is not 
liable to the payee for the conversion of said draft, in the 
absence of a demand therefor, and neither a telegram sent to 
defendant by the drawer of the check, instructing defendant 
to hold the draft, nor an inquiry by the bank upon which the 
check was drawn as to whether defendant could hold the draft, 
is a sufficient demand on behalf of said payee. 

26 N. Y. S., 1035 ; N. Y. App., 42 N. E., 518. 

Draft Remains Property of Depositor. 

When a bank which has received a draft for collection sends 
it to another bank for that purpose, and on being advised that 
the latter bank has collected the draft, credits the depositor 
and then becomes insolvent without having received the money 
from the collecting bank, the depositor remains the owner of 
the draft, and is entitled to its proceeds from the collecting 
bank against the receiver and the creditors of the insolvent 
bank. 

11 S. W., 411 ; 20 N. W., 193. 

Drawer of Check, When Not Liable. 

The payee of a check deposited it for collection with Bank 
A on the same day it was made. The bank presented it for 
payment the next day, shortly before 11 o'clock, and the 
drawee's check on Bank B, only a few blocks distant, was 
taken in payment. The drawee became a bankrupt at 1 
o'clock. Several checks given after this, one by the drawee 
on Bank B, were paid before 1 o'clock. Before 3 o'clock 
Bank A presented the check in question for payment, which 
was refused ; whereupon it immediately went to the drawee, 
and, after recovering the original check, protested it. Held, 
that the drawer of the check was not liable thereon. 
29 A., 527. 

Drawer of Draft, When Released. 

Where the endorsee of a draft accepts the drawee's check in 
payment, instead of cash, and neglects to present it for pay- 
ment or certification until the next day, and the check is dis- 
honored in consequence of the delay, and the draft has to be 
protested for non-payment, the drawer cannot be held liable. 
20 Fed. Rep., 664. 

Deposit by Husband in Name of Wife. 

Where a husband deposits with his wife's earnings certain 
money of his own in a bank in his wife's name, and the wife 
subsequently makes additional deposits, and the husband never 
claims the money \ the presumption is that it was a gift to the 
wife. Nor will the fact that, on the death of the husband, he 
leaves a will containing a large money legacy, without leaving 
an estate to pay it, defeat the right of the wife to the money 
deposited. 

In re Klenke's Estate (Pa.), 60 Atl., 166. 



2 8 COURT DECISIONS. 

Draft, When Title is Not Transferred. 

The indorsement of a draft to a bank " for collection," ac- 
companied by a credit of the amount to theindorser's account, 
does not transfer title to the bank, and correspondent of the 
bank who collects draft for it is responsible therefor to indorser. 
Tyson vs. Western Nat. Bank of Baltimore, 27 Atl. 
Rep., 520. 

Extension of Time — Interest. 

In order for an extension of the time of payment of a prom- 
issory note to release a surety thereon , it must appear that the 
extension was on a valuable consideration, lor a definite time, 
without the surety's consent, and that the holder knew that 
the one seeking to be released was a surety. The Indiana law 
(Burns' Ann. St. 1901, section 7045), provides that on money 
due on any instrument in writing, and, on an account stated, 
from the date of settlement, interest shall be allowed at the 
rate of 6 per cent. In an action on a note given by a corpo- 
ration and individuals, one of them alleged as a defense that 
she signed as a surety, and that when the note was due the 
holders contracted with the corporation and other signers, 
whereby a note should be given for a sum due the holders of 
the note in action, and that such new note should be sued on 
and a receiver appointed, and that the time of payment of the 
note in suit should be extended until after the appointment of 
the receiver. The Appellate Court of Indiana (Durbin vs. 
Northwestern Scraper Co., 73 N. E. 296) held that the facts 
alleged did not show an extension of time of payment which 
would release the surety, the extension not appearing to have 
been for any definite time, and no consideration appearing, in 
that it was not shown that the obtaining of security was of 
itself a valuable consideration, and, if presumable that the 
note bore interest from date, it could not be presumed that it 
bore more than 6 per cent, and it could not be presumed that 
the account was not drawing interest. 

Forgery. 

Under the Code of Mississippi (1892, Sec. 1106), confining 
the crime of forgery to instances where any person may be 
affected, bound, or in any way injured in his person or prop- 
erty, it is not forgery to alter the figures " 2.50," written in 
the upper right-hand corner of a draft, so as to read " 12.50," 
where the words " two and 50-100 dollars " are written in the 
body of the instrument, and the words " Ten Dollars or Less ' : 
are stamped across the face thereof, for the alteration is in an 
immaterial part of the paper, and cannot injnre anyone. 

Nor, under the Code (1892, Sec. 974), forbidding a convic- 
tion of an attempt when it appears that the crime intended or 
offense attempted has been perpetrated, does such alteration 
constitute an attempt to commit forgery. 
Wilson vs. State (Miss.) 38 So., 46. 



COURT DECISIONS. 29 

Indorser Before Delivery Co-maker. 

Where two or more indorsers write their names on the back 
of a note before its delivery and as an accommodation to the 
maker, they become co-makers, and as between themselves 
they were joint sureties, each liable for one-half of the note, 
irrespective of the position of their names on the paper; they 
are jointly and severally liable to the payee; both could not 
be attached at the same time. 

47 S. W., 85; 95 Tenn., 53; 31 S. W., 168; 92 Tenn., 

537; 22 S. W., 211; 95 U. S., 93; 47 S. W. Rep., 489; 

Sup. Ct. Tenn., 1898. 

Fraud — Bona Fide Holder. 

Though the maker of a note obtained by fraud may avoid 
the same in the hands of the payee, yet the latter may, before 
the maker has taken steps to avoid the note, transfer a perfect 
title to a bona fide purchaser for value; and where a note and 
mortgage were deposited as collateral security for another note 
which was obtained by fraud, the assignment of the collateral 
to a bona fide purchaser of the secured note gave him good 
title to the collateral note and mortgage, though they were 
not negotiable. 

White vs. Dodge (Mass.), 73 N. E., 549. 

Husband's Xote to Wife — Presumption of Payment. 

A's h,usband in his lifetime executed a note to her for $200, 
which the appraisers of his estate found in a drawer containing 
papers belonging to the wife, which were thereafter delivered 
to her, with the note. The note was dated May 1, 1880, 
payable ten days after date, and there was evidence that the 
husband had acknowledged the debt on several occasions ; the 
last time being a few months prior to his death, in October, 
1903 ; all such admission being to the effect that if he outlived 
A, he would pay the amount to her sister. The New Jersey 
Court of Chancery (in Ayers vs. Ayers, 60 Atl.. 422) held that 
in an action against the husband's administrators on the note, 
that such facts rebutted the presumption of payment from 
lapse of time, and that A was entitled to payment out of the 
estate. 

Indorsee "For Collection." 

A restrictive indorsement confers on the indorsee the right 
to receive payment and to bring any action thereon that the 
indorser could bring. Hence an indorsee of a note "for 
collection " is entitled to sue thereon in his own name, though 
such indorsee takes the note subject to all equities existing 
between his indorser and the maker. 

Smith vs. Bayer (Ore.), 79 Pac, 497. 



30 COURT DECISIONS. 

Interest — Alteration . 

Where a mortgage note providing for 10 per cent interest is 
changed by an indorsement by the holder so as to draw 8 per 
cent, and this indorsement is thereafter erased by him, the 
note is thereby annulled, and, no rate being fixed in the 
mortgage, the debt draws interest at 7 per cent. 
Edwards vs. Sartor (S. C), 48 S. E., 537. 

Joint Notes. 

There is a presumption that one who signs rental notes and 
a lease jointly with others, and with whom the lessor dealt as 
principal in letting the premises, was a joint recipient of the 
consideration for which the notes were given, making him., as 
between himself and the lessor, a principal; so that, in the 
absence of rebutting evidence, he is not entitled to injunctional 
relief as a surety from a judgment on the notes. 
Ross vs. De Campi (Ala.), 36 So., 1003. 

Indorsement '* Without Recourse." 

When one transfers a negotiable instrument by indorsing it 
"without recourse," he assumes more obligations than gen- 
erally supposed. He guarantees practically everything except 
the solvency of the parties. He guarantees the signatures, 
the validity ; that the makers were competent to contract ; 
that the amount is due; no illegality in its inception. 

19 Vt., 203; 3 Mete. (Mass.); 48 Vt., 508; 20 N. Y., 226; 
27 Me., 225 ; 38 la.,, 329 ; 22 Kans., 157. 

Liability of Drawer to Impostor. 

Where the drawer of a check delivers it to a person sup- 
posing him to be the one whose name he has assumed, the 
drawer must bear the loss, where such person negotiates the 
same, as against the drawee or a bona fide holder thereof. 

Land Title & Trust Co. vs. N. W. Nat. Bank (Pa.), 60 
Atl., 723- 

Liability for Margins. 

Where it was agreed between brokers and their customer 
that the latter 's liability for losses on stock transactions should 
be limited to margins which the brokers were entitled to call 
for under the contract, the brokers were not entitled to recover 
for losses not covered by margins deposited. 
Zell vs. Corkran (Del.), 60 Atl., 699. 

Margins — Gambling- Transaction. 

The right to the interference of equity to enjoin one with 
. whom margins have been deposited in a stock-gambling trans- 
action from violating his agreement to keep them upon deposit 



COURT DECISIONS. 3 1 

in a bank until the transaction is closed, and prevent his with- 
drawing them from the bank, is denied in Baxter vs. Deneen 
(Md), 64 L. R. A., 949, although he intends to remove the 
funds from the State and thereby defraud the complainant. 

Money Paid Under Mistake. 

.Where one person, believing he owed another an open store 
account, gave the other money with which to pay it ; and the 
second person accepted the money and promised to credit the 
books with the amount actually due and to refund the balance, 
if any (the books not being accessible at the time) ; and it 
subsequently appeared that the one who gave the money to 
pay the account was not indebted to the other, but the debt he 
sought to pay was due by his mother, who was subsequently 
sued by the second party, judgment obtained against her, and 
the amount paid by her— the Supreme Court of Georgia held 
that the first person had a right to bring his action for the 
money so paid by him, which was retained by the second 
person, and no demand was necessary before he brought his 
action. 

Sheppard vs. Lang, 50 S. E., 371. 

Money Paid on Worthless Check, When Recovered. 

Money paid upon a raised check may be recovered, provided 
the one seeking to- recover has not, by his careless or negligent 
act, injured or prejudiced the rights of the person from whom 
the recovery is sought. 

59 N. Y., 67, 77 ; 90 Hun., 285 ; 33 N. Y. Supp., 702. 

Name of Payee in a Check, When Written. 

In the absence of proof to the contrary, it will be presumed 
that the name of the payee appearing in a check was written 
in when the check was signed. 
Sup., 31 N. Y. S-, 54 1 - 
Non-negotiabie Instrument. 

Writing one's name on the back of a non-negotiable instru- 
ment never binds as an indorser, except in a few States. If 
such a writing is made before or at the time of the inception 
of the paper, the writer can be held as maker or guarantor. 
If made after its inception, even if before maturity, it carries 
in many States no financial responsibility, although the writer 
may be transferring it and be paid full value for it. 
126 Pa., 194. 

Note Given for Another Not Enforced. 

A college is indebted to one Brown, and at Brown's sugges- 
tion Smith and others, who were trustees of the college, but 
in no way individually liable for the debt, gave their note for 



32 COURT DECISIONS. 

the amount to Brown. No new consideration passed when 
the note was given. In an action against the makers they 
were released. 

26 So. Rep., 981 (AlaJ. 

A note payable in " current bills " is non-negotiable. 
11 Vt., 268. 

A note payable in ' ' current funds at Pittsburg ' ' is not 
negotiable, and an indorsement of it creates no liability on 
the part of the indorser. 
44 Pa., 454, No. 5. 

A note written payable ' ' w T ith the current rate of exchange 
on New York " is not a negotiable instrument. 
24 111., 168, No. 16. 

Note Payable to Order of President. 

The general authority of the president of a business cor- 
poration to make and discount its promissory notes gives him 
no power to make a note of the corporation payable to his own 
order, and one who discounts such a note cannot recover thereon 
against the corporation without showing special authority for 
its execution. 

86 Fed. Rep. , 742. 

Payment by Mistake — Statute of Limitations. 

The maker of a note, which had been indorsed to and dis- 
continued by a bank, assigned for creditors. The assignee, 
concluding that the estate was solvent, paid the bank in full. 
Afterwards other claims were presented, and the assignee 
instituted a settlement suit to which the bank was not a party, 
and in which the commissioner's report showed the estate to 
be insolvent, and declared that creditors who had been paid 
in full must refund. The assignee did not notify the bank of 
these facts until limitations had run against the indorsers of 
the note. The Court of Appeals of Kentucky (German Secu- 
rity Bank v. Columbia Finance & Trust Co., 85 S. W., 761), 
held that the assignee was charged with notice of his assignor's 
insolvency, and made the payment to the bank at his own 
risk, and, in view of the bank's loss of its rights against the 
indorsers of the note in reliance on such payment, would have 
to bear the loss resulting from its negligence in making the 
same. v 

Personal Liability of Trustee on Note Made by Him. 

Where a trustee under a will was required to invest the 
property and to pay over the income to the beneficiaries, with 
full power to change investments, he had no authority to 



COURT DECISIONS. 33 

pledge any part of the fund as security for the payment of a 
note made by him as trustee, though the money thus received 
went into the trust fund and was expended for purposes for 
which the income could have been lawfully appropriated. 

Where such trustee executed the note, without authority, 
as evidence of a loan made for the benefit of the trust estate, 
the promise was his personal obligation, regardless of the form 
of execution of the note, enforceable against him alone while 
living, and after his death against his estate. 

Tuttle vs. First Nat. Bank of Greenfield (Mass.), 73 N. K. 
560. 

Protest to Hold All Indorsers. 

In some States the holder of a note is under no obligation to 
have notices of pr6test sent to any but those he wishes to hold. 
If an indorser so notified should want to hold other indorsers 
he must see that they are notified, but an indorser who relies 
on the strength of a prior indorser can only know that the 
prior indorser is held by sending such indorser notice of non- 
payment. 

McMaster, No. 267. 

Trust Stock. 

Where a creditor receives stock from his debtor, to be 
applied as a credit on an indebtedness existing previous to the 
insurance of the stock, the creditor is not a bona fide purchaser 
for value without notice, it appearing that the stock was issued 
in the name of the debtor as trustee, though the name of the 
beneficiary was not written on the face of the stock. 
Johnson vs. Amberson (Ala), 37 So., 273. 

Usury. 

The Supreme Court of Washington State on March 6, held 
that a provision of a mortgage note calling for interest at 6 
per cent until maturity and for 12 per cent thereafter is valid. 
Sloane vs. Lucas, 79 Pac, 949. 

Where neither the borrower nor the lender of money was 
able to figure the interest due on the notes, whereupon the 
parties went to L- and had him figure the interest, and on the 
basis of his conclusion a new note was erroneously given for 
$136.70 more than was justly due on the notes, but the lender 
had no intention of taking usury, and as soon as he learned 
of the mistake indicated his willingness to correct the same, 
he was not subject to a forfeiture of all interest due on the 
debt for taking usury, as provided by Comp. Laws, Sec. 4857, 
but was entitled to the allowance of his claim against the 
debtor's estate to the extent of the amount due, with legal 
interest. 

Becker vs. Headsten (Mich.), 100 N. W., 752. 



INTEREST LAWS. 



States and 
Territories. 



Alabama 

Arizona 

Arkansas 

California 

Colorado 

Connecticut 

Delaware 

District of Columbia 

Florida 

Georgia. . 

Idaho 

Illinois 

Indian Territory. . . . 

Indiana 

Iowa 

Kansas 

Kentucky 

Louisiana 

Maine 

Maryland 

Massachusetts 

Michigan . .- 

Minnesota 

Mississippi 

Missouri;, 

Montana 

Nebraska 

Nevada 

New Hampshire. . . . 

New Jersey 

New Mexico 

New York 

North Carolina 

North Dakota 

Ohio 

Oklahoma. , 

Oregon 

Pennsylvania 

Rhode Island 

South Carolina 

South Dakota 

Tennessee 

Texas 

Utah 

Vermont 

Virginia 

Washington 

West Virginia 

Wisconsin 

Wyoming 



be - - 1 

<U q-i 



Per ct, 

8 

7 
6 

7 



6 
6 

5 
6 
6 
6 

5 
6 
6 
6 
io 
7 
7 
6 



P->. 






Per cent. 

8 
Any rate 

io 
Any rate 
Any rate 

6 
6 

io 
io 

8 

12 

7 
io 

8 



io 
■ 6 
8 
Any rate 

6 
Any rate 

7 

io 

io 

,8 

Any rate 

io 

Any rate 

6 



12 



6 

12 

8 

12 
IO 

6 
Any rate 

8 

12 

6 

io 

Any rate 

6 

6 

12 

6 

IO 
12 



Penalty for usury 



All interest forfeited. 

None. 

Principal and interest forfeited. 

None. 

No forfeit except with pawn- 
brokers. 

None. 

Forfeiture of double amount of 
loan. 

Forfeiture of interrst. 

All interest forfeited. 

Excess of lawful rate forfeited. 

(a.)_ 

Entire interest forfeited. 

Principal and interest forfeited. 

Excess of interest forfeited. 

Forfeiture of interest and costs, 
with io per cent per year, to 
school fund. 

Excess of interest forfeited. 

Interest forfeited. 

None. 

Excess of interest forfeited. 

None. 

Interest forfeited. 

Principal and interest forfeited. 

Interest forfeited. 

Interest forfeited, 

None. 

Interest and costs forfeited. 

None. 

Three times excess of interest 
forfeited. 

Entire interest and costs for- 
feited. 

$ioo fine and forfeiture of twice 
the amount. 

Principal and interest forfeited ; 
contract void. 

Twice amount paid forfeited. 

Entire interest forfeited. 

Excess forfeited. 

Interest forfeited. 

Principal and interest forfeited. 

Excess of interest forfeited. 

None. 

Double the excess forfeited. 

All interest forfeited. 

Excess of interest forfeited. 

Entire interest forfeited. 

None. 

Forfeiture of usury. 

Interest forfeited. 

Double illegal interest forfeited. 

Excess of interest forfeited. 

Entire interest forfeited and treble 
excess paid recoverable. 

Forfeiture of interest and costs. 



34 



GRACE AND STATUTES OF LIMITATIONS. 



States and Territories. 




rt cd 



fcuC 



Alabama 

Arizona 

Arkansas , 

California 

Colorado 

Connecticut 

Delaware 

District of Columbia. 

Florida 

Georgia 

Idaho 

Illinois . 

Indian Territory . . . 

Indiana-. 

Iowa 

Kansas 

Kentucky 



Louisiana 

Maine 

Maryland 

Massachusetts . 

Michigan , 

Minnesota 

Mississippi 

Missouri , 

Montana 

Nebraska 

Nevada 

New Hampshire 

New Jersey 

New Mexico . . . 

New York 

North Carolina . 
North Dakota . . 

Ohio 

Oklahoma 

Oregon 

Pennsylvania . . 
Rhode Island . . . 
South Carolina. 
South Dakota . . 

Tennessee 

Texas 

Utah 

Vermont 

Virginia 

Washington ... 
West Virginia . 

Wisconsin 

Wyoming 



Grace . . . 
Grace . . . 
Grace . . . 
No grace. 
No grace. 
No grace. 
No grace 
No grace. 
No grace . 
Grace . . . 
No grace. 
No grace. 
Grace . . . 
Grace . . . 
Grace . . 
Grace . . . 
Grace . . . 
Grace . . , 



Grace . . . 
Grace . . . 
Grace . . . 
No grace. 
No grace . 
No grace . 
No grace. 
No grace. 
No grace. 
No grace. 
No grace. 
No grace. 
Grace . . 
Grace . . . 
Grace . . . 
No grace. 
Grace . . . 
No grace. 



No grace, 



Grace . . . 
Grace . . . 
Grace . . . 
Grace . . . 
No grace. 
Grace . . . 
No grace. 
No grace. 
No grace , 
Grace . . . 
No grace. 
Grace . . . 
No grace . 
No grace. 
Grace . . . 
No grace. 
No grace. 
No grace. 
Grace . . . 
Grace . . . 
No grace. 
Grace . . 
No grace. 
No grace, 
No grace. 
No grace 
No grace, 
No grace, 
Grace . . 



No grace. 
Grace . . . 
Grace . . . 
Grace . . . 
Grace . . . 
No grace. 
No grace. 
Grace . . . 
No grace. 



No grace . 
Grace . . . 
No grace. 
Grace . . . 
No grace. 
No grace. 
Grace 
No grace . 
No grace. 
Grace . . . 
Grace . . . 
Grace . . . 
No grace . 
Grace . . . 
No grace. 
No grace. 
No grace. 
No grace. 
No grace. 
No grace, 
Grace . . 



12 



35 



APPROXIMATE VALUES OF FOREIGN COINS IN UNITED 

STATES MONEY. 



Country. 


Standard. 


Monetary unit. 


Value in terms 
of U. S. gold 
dollar. 


Argentine Republic. . 

iustria-Hungary 

Belgium 


Gold and silver. . . 
Gold 


Peso 


$0.96.5 


Crown 


.20.3 


Gold and silver. . . 
Silver 


Franc 


19 3 


Bolivia 


Boliviano. . 


.45 7 




Gold 


Milreis 


.54.6 


British possessions, 
N. A. (except New- 
foundland) 

Cent. Amer. States: 

Costa Rica ] 

Guatemala. 

Honduras J- 


Gold 


Dollar 

Peso 


1.00 


Silver 


.45.7 


Chili 


Gold and silver. . . 
Silver 


f Shanghai 

Tael -J Haikwan 

[ (Customs. ) 
Peso 


.91.2 


China 


.67.7 
.75.3 


Colombia 


Silver 


.45.7 


Denmark 


Gold and silver. . . 

Gold. 

Silver 


Crown. 


.92.6 
.26.8 


Ecuador 


Sucre 


.45.7 


Egrvpt . . . . 


Gold 


Pound (100 piastres). . 

Mark 

Franc 


4.94 3 


Finland ■ 


Gold 


.19.3 


France 


Gold and silver. . . 

Gold..... 

Gold.. 

Gold and silver.. . 
Gold and silver.. . 
Silver 


.19.3 


German Empire 

Great Britain 

Greece 


Mark 

Pound sterling 

Drachma 


.23.8 

4.86.6J 

.19.3 


Haiti 


Gourde, 


.96.5 


India 


Rupee 


.21.7 


Italy 


Gold and silver.. . 

*Gold and silver. . 

Gold 

Silver 

Gold and silver.. . 
Gold 


Lira 


.19.3 


v | Gold 


.99.7 




Yen { c-Y 

l Silver 


.49.3 


Liberia 


Dollar 


1.00 


Mexico 


Dollar 


.49.7 


Netherlands 


Florin 

Dollar 


.40.2 


Newfoundland 


1 01.4 


Norway 


Gold .... 

Silver 

Gold..- 

fSilver 


Crown 


.26.8 


Peru 


Sol 

Milreis 

double {ISf er 

Peseta 

Crown 


.45.7 


Portugal 


1.08 


Russia 


.77.2 


Spain ... 

Sweden 


Gold and silver. . . 
Gold 


.36.6 
.19.3 
.26.8 


Switzerland 


Gold and silver.. . 
Silver 


Franc 


.19.3 


Tripoli 


Mahbub (20 piastres) 

Piastre 

Bolivar 


.41.3 


Turkey 


Gold 


.04.4 


Venezuela . . 


Gold and silver.. . 


.19.3 









*Gold the nominal standard. Silver practically the standard. 

f Silver the nominal standard. Paper the actual currency, the depreciation of which 
is measured by the gold standaru. 



36 



POSTAL. DISTANCES AND TIME FROM NEW YORK 

CITY 

As indicated by the Official Postal Guide, showing the distance by shortest 
routes and time in transit by fastest trains from New York City. 



Cities in United States. 



Miles. 



Hours. 



Albany, N. Y 

Atlanta, Ga 

Baltimore, Md 

Bismarck, N. Dak. . . 

Boise, Idaho 

Boston, Mass 

Buffalo, N. Y 

Carson City, Nev. . . 
Charleston, S. C. 
Chattanooga, Tenn.. 

Cheyenne, Wyo 

Chicago, 111 

Cincinnati, Ohio. . . . 
Cleveland, Ohio 
Columbus, Ohio 

Concord, N. H 

Deadwood, S. Dak.. 

Denver, Colo 

Des Moines, Iowa . . . 

Detroit, Mich 

Galveston, Texas . . . 

Hartford, Conn 

Helena, Mont 

Hot Springs, Ark... 
Indianapolis, Ind. . . 
Jacksonville, Fla. ... 
Kansas City, Mo. . . . 

Louisville, Ky 

Memphis, Tenn 

Milwaukee, Wis 

Montgomery, Ala. . . 

Montpelier. Vt 

New Orleans, La. . . . 

Omaha, Neb 

Philadelphia, Pa. . . . 

Pittsburg, Pa 

Portland, Me 

Portland, Oreg 

Prescott, Ariz 

Providence, R. I. . . . 

Richmond, Va 

St. Louis, Mo 

St. Paul, Minn 

Salt Lake City, Utah 
San Francisco, Cal. . 
Santa Fe, N. Mex. . . 

Savannah, Ga 

Tacoma, Wash 

Vicksburg, Miss 

Vinita, Ind. Ter. . . . 
Washington. D. C. . 

Wheeling, W. Va 

Wilmington, N. C . 



142 


3^ 


882 


24.20 


188 


6 


1.738 


6o}4 


2,736 


92^ 


217 


• 7 


410 


9 1 /* 


3.036 


log 1 / 


804 


21.20 


853 


3i-5o 


1,899 


23.00 


900 


20 


744 


23 


568 


i9# 


624 


19,50 


292 


9-25 


i 5 957 


65^ 


i,93o 


61.30 


1.257 


37^ 


743 


21.05 


1,789 


56^ 


112 


4 


2,423 


89 


1,367 


55 


808 


23 


1,077 


29.50 


1,302 


38K 


854 


30 


1,163 


40 


985 


29.20 


1,057 


26 


327 


ipX 


1-344 


40 


1,383 


42.55 


90 


3 


43i 


13 


325 


12 


3. 181 


114^ 


2,724 


94 


189 


5 


344 


11.20 


1,048 


29 


1,300 


37 


2.452 


7iX 


3,250 


106 


2,173 


82 


905 


26.12 


3.209 


102 


1,288 


50 


1,412 


42 


228 


6 


496 


I4>4 


593 


19.50 



37 



RATES OF POSTAGE. 

Postal Cards. — i cent each, go without further charge to all parts of the 
United States and Canada. Cards for foreign countries (within the Postal 
Union), 2 cents each. Postal Cards are unmailable with any writing or 
printing on the address side except the direction, or with anj^thing pasted 
upon or attached to them. 

Local Or " Drop " Letters — That is, for the city or town where de- 
posited — 2 cents where the carrier system is adopted, and 1 cent where there 
is no carrier system. 

All Letters to all parts of the United States, Canada, Cuba, Porto Rico, 
Mexico, Panama, Philippine Islands, and Canal Zone, 2 cents for each 
ounce or fraction thereof. 

First Class, — Letters and all other written matter, whether sealed or 
unsealed, and all other matter, sealed, nailed, sewed, or fastened in any 
manner so that it cannot be quickly examined, 2 cents for each ounce or 
fraction thereof. 

Second. Class. — Only for publishers and news agents, 1 cent per pound. 

Newspapers and periodicals (regular publications) can be mailed by the 
public at the rate of 1 cent for each 4 ounces or fraction thereof. 

Third. Class. — -Printed matter, in unsealed wrappers only (all matter 
enclosed in notched envelopes must pay letter rates), 1 cent for each 2 
ounces or fraction thereof, which must be fully prepaid. This includes 
books, circulars, chromos, engravings, handbills, lithographs, music, pamph- 
lets, proof-sheets and manuscript accompanying the same, reproductions by 
the electric pen, hectograph, metallograph, papyrograph, and, in short, any 
reproduction upon paper by any process except handwriting, the copying 
press, typewriter, and the neostyle process. Limit of weight, 4 pounds, ex- 
cept for a single book, which may weigh more. 

Fourth Class. — All mailable matter not included in the three preced- 
ing classes which is so prepared for mailing as to be easily withdrawn from 
the wrapper and examined, 1 cent per ounce or fraction thereof. Limit of 
weight, 4 pounds. Full prepayment compulsory. 



MONEY ORDERS. 

The fees for the issue of domestic money orders will be as follows: 
For orders — 

Not exceeding $2.50 3 cents 

Exceeding $2.50 and not exceeding $5.00 5 cents 

Exceeding $5.00 and not exceeding $10.00 S cents 

Exceeding $10.00 and not exceeding $20.00 10 cents 

Exceeding $20.00 and not exceeding $30.00 12 cents 

Exceeding $30.00 and not exceeding $40.00 15 cents 

Exceeding $40.00 and not exceeding $50.00 18 cents 

Exceeding $50.00 and not exceeding $60.00 20 cents 

Exceeding $60.00 and not exceeding $75.00 25 cents 

Exceeding $75.00 and not exceeding $100.00 30 cents 

38 



REGISTRATION. 

All kinds of postal matter, except second-class matter, can be registered at 
the rate of eight cents for each package, in addition to the regular rates of 
postage, to be fully prepaid by stamps. Each package must bear the name 
and address of the sender, and a receipt will be returned from the person to 
whom addressed. Mail matter can be registered at all post-offices in the 
United States. The Post-office Department or its revenue is not by law 
liable for the loss of any registered mail matter. 



FREE DELIVERY. 

The free delivery of mail matter at the residences of the people desiring 
it is required bylaw in every city of 50,000 or more population, and may be 
established at everyplace containing not less than 5,000 inhabitants. 



FOREIGN POSTAGE. 

The rates for letters are fgr the half ounce or fraction thereof and those 
for newspapers for 2 ounces or fraction thereof. 

To Great Britain and Ireland, France, Spain, all parts of Germany, in- 
cluding Austria, Denmark, Switzerland, Italy, Russia, Norway, Sweden, 
Turkey (European and Asiatic), Egypt, Australia (all parts), letters, 5 cents; 
newspapers, 1 cent for each two ounces or fraction thereof. 

China: Letters via San Francisco, 5 cents; via Brindisi, 13 cents; 4 cents 
for each paper not weighing over 4 ounces. British India, Italian mail: 
Letters, 5 cents; newspapers, 1 cent for two ounces. Japan: Letters via San 
Francisco, 5 cents; newspapers, 1 cent for two ounces. Porto Rico, Philip- 
pine Islands, and Guam, Cuba, and the Hawaiian Islands, all matter is 
transmissible at domestic rates. 



Rubber Stamps 



Hand Stamps 

Self-inkers 

Pads 

Dating Stamps 

Numbering 
Machines 

Check 
Protectors 

Check 
Cancellors 

Seals 

Stamp Racks 

Etc. 



Catalog of 
Bank Stamps 
on Application. 




G. S. WHITMORE 

614 13th Street 

WASHINGTON, D. C. 



39 



LARGEST CITIES OF THE UNITED STATES 
CENSUS 1900. 



Population. 

42,728 
16,464 

94,151 
14.528 



City. 

Akron, Ohio 

Alameda, Cal 

Albany, N. Y 

Alexandria, Va 

Allegheny, Pa 129,! 

Allentown, Pa 35,416 

Alton, 111 14,210 

Altoona, Pa 38,973 

Amsterdam, N. Y 20,929 

Anderson. Ind 20, 178 

Ann Arbor, Mich 14,509 

Appleton, Wis . 15,085 

Asheville, N. C 14,694 

Atchison, Kans 15,722 

Atlanta, Ga 89,872 

Atlantic City, N. T 27,838 

Auburn N, Y 30, 345 

Augusta, Ga 39,441 

Aurora, 111 24.147 

Austin, Texas 22,258 

Baltimore, Md 508,957 

Bangor, Me 21,850 

Battle Creek, Mich 18,563 

Bay City, Mich 27,628 

Bayonne City, N. J 32,722 

Belleville, 111 17.484 

Biddeford, Me 16,145 

Binghampton, N. Y 39.647 

Birmingham, Ala 38,415 

Bloomington, 111 23,286 

Boston, Mass 560,892 

Braddock, Pa I 5>654 

Bradford, Pa 15,029 

Bridgeport, Conn 70,996 

Brockton, Mass 40,063 

Buffalo, N. Y 352,387 

Burlington, Iowa 23,201 

Burlington, Vt 18,640 

Butte City, Mont 30,470 

Cambridge, Mass 91,886 

Camden, N. J 75.935 

Canton, Ohio . . 30,667 

Cedar Rapids, Iowa 25,656 

Central Falls, R. 1 18,167 

Charleston, S. C 55,807 

Charlotte, N. C 18,091 

Chattanooga, Tenn 30, 154 

Chelsea, Mass 34,072 

Chester. Pa 33,988 

Cheyenne, Wyo 14,037 

Chicago, 111 1,698,575 

Chicopee, Mass 19, 167 

Cincinnati, Ohio 325,902 

Cleveland, Ohio..- 381,768 



City. Population. 

Clinton, Iowa 22,698 

Cohoes, N. Y 23,910 

Colorado Springs, Colo.. 21,085 

Columbia, S. C 21, 108 

Columbus, Ga 17,614 

Columbus, Ohio 125,560 

Concord, N. H 19,632 

Council Bluffs, Iowa 25,802 

Covington, Ky 42,938 

Cumberland, Md 17,128 

Dallas, Texas , 42,638 

Danbury, Conn I 6,537 

Danville, 111 16,354 

Danville, Va 16,520 

Davenport, Iowa 35,254 

Dayton, Ohio 85,333 

Decatur, 111 20,754 

Denver, Colo I 33,859 

Des Moines, Iowa 62,139 

Detroit, Mich 285,704 

Dubuque, Iowa 36,297 

Duluth, Minn 52,969 

East Orange, N. J 21,506 

East Liverpool, Ohio.... 16,485 

East St. Louis, 111 29,655 

Easton, Pa 25,238 

Eau Claire, Wis 17,517 

Elgin, 111 22,433 

Elizabeth, N. J 52, 130 

Elkhart, Ind 15, 184 

Elmira, N. Y 35,672 

El Paso, Texas 15,906 

Erie, Pa 52,733 

Evansville, Ind 59,007 

Evanston, 111 19, 259 

Everett, Mass 24,336 

Fall River, Mass 104(863 

Findlay, Ohio 17,613 

Fitchburg; Mass 3 I >53 1 

Fond du Lac, Wis 15,110 

Fort Wayne, Ind 45,115 

Fort Worth, Texas 26,688 

Galesburg, 111 18,607 

Galveston, Texas 37,789 

Gloucester, Mass 26, 121 

Gloversville, N. Y 18,349 

Grand Rapids, Mich 87,565 

Great Falls, Mont I 4>930 

Green Bay, Wis 18,684 

Hamilton, Ohio 23,914 

Harrisburg, Pa 50, 167 

Hartford, Conn 79,850 

Haverhill, Mass 37> I 75 

Hazelton. Pa 14,230 



40 



LARGEST CITIES OF THE UNITED STATES 



41 



City. Population. 

Hoboken, N.J 59, 364 

Holyoke, Mass 45>7i2 

Honolulu, Hawaii 39,306 

Houston, Texas 44,633 

Indianapolis, Ind 169, 164 

Jackson, Mich 25, 180 

Jackson. Tenn 14,511 

Jacksonville, Fla 28,429 

Jacksonville, 111 15.078 

Jamestown, N. Y 22,892 

Jersey City, N. J 206,433 

Joplin, Mo 26,023 

Johnstown, Pa 35,936 

Joliet, 111. .. 29,353 

Kalzmazoo, Mich 24,404 

Kansas City, Kans 51,418 

Kansas City, Mo 163,752 

Key West, Fla I 7 ) II 4 

Keokuk, Iowa 14,641 

Kingston, N. Y 24,535 

Knoxville, Tenn 32,637 

La Crosse, Wis. 28,895 

La Fayette, Ind 18,116 

Lancaster, Pa 41,459 

Lansing, Mich 16,485 

Lawrence, Mass - 62, 559 

Leavenworth, Kans 20,735 

Lebanon, Pa 17,628 

Lewiston, Me 23,761 

Lexington, Ky . 26, 369 

Lima, Ohio 21,723 

Lincoln, Neb 40, 169 

Little Rock, Ark 38,307 

Lockport, N. Y 16,581 

Logansport, Ind 16,204 

Lorain, Ohio 16,028 

Los Angeles, Cal 102,479 

Louisville, Ky 204,731 

Lowell, Mass 94,969 

Lynchburg, Va 18,891 

Lynn, Mass 68,513 

Macon, Ga 23, 272 

Madison, Wis 19, 164 

Maiden, Mxss 33,664 

Manchester, N. H 56,987 

Manistee, Mich 14,260 

Mansfield, Ohio 17,640 

Marinette, Wis j6, 195 

Marion, Ind 17, 337 

McKeesport, Pa 34,227 

Medford, Mass 18,244 

Memphis, Tenn 102,320 

Meriden, Conn. 24,296 

Meridian, Miss 14,050 

Michigan City, Ind 14,850 

Middletown, N. Y 14,522 

Milwaukee, Wis 285,315 

Minneapolis, Minn 202,718 



City. Population. 

Mobile, Ala 38,469 

Moline, 111 17,248 

Montgomery, Ala 30, 346 

Muscatine, Iowa !4>o73 

Mt. Vernon, N. Y 20, 346 

Muncie, Ind 20,942 

Muskegon, Mich 20,818 

Nashua, N. H 23,898 

Nashville, Tenn 80,865 

New Albany, Ind 20,628 

Newark, N. J 246,070 

Newark, Ohio 18, 157 

New Bedford, Mass 62,442 

New Britain, Conn 25,998 

New Brunswick, N. J. . . . 20,006 

Newburgh, N. Y 24,943 

Newburyport, Mass x 4>478 

New Castle. Pa 1 28,339 

New Haven, Conn 108,027 

New London, Conn 17,548 

New Orleans, La 287,104 

New Rochelle, N. Y 14, 720 

Newport, Ky 28,301 

Newport, R. 1 22,034 

Newport News, Va 19,635 

Newton, Mass 33,587 

New York, N. Y 3,437,202 

Niagara Falls, N. Y J 9,457 

Norfolk, Va ' 46, 624 

Norristown, Pa 22,265 

North Adams, Mass 24,200 

Northamton, Mass 18,643 

Norwich, Conn 37,251 

Oakland, Cal 66,960 

Ogden, Utah 16,313 

Omaha, Neb 102,555 

Orange, N. J 24, 141 

Oshkosh, Wis 28,284 

Oswego, N. Y 22, 199 

Ottumwa, Iowa 18, 187 

Paducah, Ky 19,446 

Passaic, N. J. . 27,777 

Paterson, N. J 105, 171 

Pawtucket, R. 1 39,231 

Pensacola, Fla 17, 747 

Peoria, 111 56, 100 

Perth Amboy, N. J 17,699 

Petersburg, Va 21,810 

Philadelphia, Pa 1,293,697 

Pittsburg, Pa 321,616 

Plainfield, N. J 15,369 

Pittsfield, Mass, 21,766 

Port Huron, Mich 19, 158 

Portland, Me 50, 145 

Portland, Ore 90,426 

Portsmouth, Ohio 17,870 

Portsmouth, Va !7>427 

Pottsville, Pa 15,710 



SEP 28 1905 



42 



LARGEST CITIES OF THE UNITED STATES 



City. Population. 

Poughkeepsie, N. Y 24,029 

Providence, R. I I 75.597 

Pueblo, Colo 28, 157 

Quincy, 111. . . . 36,252 

Quincy, Mass 23,899 

Racine, Wis 29, 102 

Reading, Pa 78,961 

Richmond, Ind 18,226 

Richmond, Va 85,050 

Roanoke, Va 21,495 

Rochester, N. Y 162,608 

Rockford, 111 3 I .°5 I 

Rock Island, 111 19,493 

Rome, N. Y I 5>343 

Sacramento, Cal 29,282 

Saginaw, Mich 42,345 

St. Joseph, Mo 102,979 

St. Louis, Mo 575. 2 38 

St. Paul, Minn 163,065 

Salem, Mass 35-956 

Salt Lake City, Utah. . . . 53,531 

San Antonio, Texas 53>32i 

San Diego, Cal 17,700 

Sandusky, Ohio 19,664 

San Francisco, Cal. ...... 342,782 

San Jose, Cal. 21, 500 

Savannah, Ga 54,244 

Schenectady, N. Y 31,682 

Scranton, Pa , 102,026 

Seattle, Wash 80,671 

Sedalia, Mo 15,231 

Shamokin, Pa 18,202 

Sheboygan, Wis 22,962 

Shreveport, La 16,013 

Shenandoah, Pa 20, 321 

Sioux City, Iowa 33,111 

Somerville, Mass 61,643 

South Bend, Ind 35,999 

South Omaha, Neb 26,001 

Spokane, Wash 36,848 

Springfield, 111 34, 159 



City. Population. 

Springfield, Mass 62,059 

Springfield, Mo 23,267 

Springfield, Ohio . 38,253 

Stamford, Conn x 5,997 

Steubenville, Ohio 14,349 

Stockton, Cal 17, 506 

Streator, 111 I 4,°79 

Superior City, Wis 31,091 

Syracuse, N . Y 108, 374 

Tocoma, Wash 37,714 

Tampa, Fla I 5,839 

Taunton, Mass 31,036 

Terre Haute, Ind 36,673 

Toledo, Ohio 131,822 

Topeka, Kans 33,608 

Trenton, N. J 73,307 

Troy, N. Y 60,651 

Union, N.J I 5,i87 

Utica, N . Y 56, 383 

Vicksburg, Miss 14,834 

Waco, Texas 20,686 

Waltham, Mass 23,481 

Washington, D.-C 278,718 

Waterbury, Conn 45,859 

Watertown, N. Y 21,696 

Watervliet, N. Y '. 14,321 

West Hoboken, N. J 23,094 

Wheeling, W. Va 38,878 

Wichita, Kans 24,671 

Wilkesbarre, Pa 51,721 

Williamsport, Pa 28,757 

Wilmington, Del 76,508 

Wilmington, N. C 20.976 

Winona, Minn 19,714 

Woburn, Mass 14,254 

Woonsocket, R. 1 28,204 

Worcester, Mass 118,421 

Yonkers, N. Y 47>93 T 

York, Pa 33>7°8 

Youngstown, Ohio 44,885 

Zanesville, Ohio. 2 3,538 



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posits increase in pro- 
portion to the amount 
of advertising. 

The Depositor's Hand 
Book will be kept for 
reference. 




Of many thousand 
dollars, in all cities, 
Which never go into a 
bank, many will be di- 
rected to the bank, 
whose name will ap- 
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